Fintech apps: Extra Caution Needed As Money Moves Without Changing Hands

By Consultants Review Team Tuesday, 31 October 2023

The adoption of fintech apps in India has increased dramatically in recent years. Users can use these apps to manage their finances, invest in stocks, and make payments, among other things.

However, as these applications have grown in popularity, there has been a fast growth in the number of fraudulent apps that try to pass themselves off as legitimate fintech platforms.  So, how can one tell if a fintech app is reliable and genuine? According to experts, it is critical to first conduct your own research, check the company's previous credentials, and assess the security measures it has implemented to assure safety and security.

"The apps must be intuitive, clean, and simple in order to provide a seamless experience, especially for first-time users." "Vernacular apps are most important for fintechs to drive higher adoption in rural areas," says Jasmine B Gupta, Founder of Meitmoney.

We give some basic principles based on the experts' frequently repeated advice to assist you make an informed decision. To guarantee that you are dealing with authentic fintech apps, follow these guidelines:

Do your homework: Before downloading a financial app, it is critical to undertake extensive research. Reading customer reviews, ratings, and testimonials is recommended because they can provide significant insights regarding the app's dependability and functionality. Furthermore, check to see if the app has gotten any honors or accolades, since these might act as markers of its reliability. Check the organization's credentials: It is critical to ensure that the fintech app is created by a well-known and reliable company. Look for details about the company's founders, team members, and qualifications. Check to see if the company is registered with the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI).

Examine the security measures: Because fintech apps deal with sensitive financial data, security should be a top priority. Take two-factor authentication, end-to-end encryption, and secure login techniques into account. Examine the app's privacy policy and terms of service to find out how your data will be handled and protected. 

Consult with financial professionals or advisors if you have any worries regarding the authenticity of a financial technology. Based on their industry knowledge and experience, they can provide you with advice. It is usually best to seek the opinion of specialists in order to make informed decisions.

Always be on the lookout for unusual activity or demands from the fintech app. Apps that ask for too many permissions, such as access to your contacts or location, without a clear purpose should be avoided. Furthermore, unless you are sure in the app's legitimacy, do not reveal sensitive financial information such as bank account details or credit card data.

By following these guidelines and exercising caution, you may ensure that you are using a legitimate and trustworthy fintech app. Prioritize your financial security and choose programs that have been thoroughly reviewed and recommended by specialists. This allows you to enjoy the convenience and benefits of fintech apps while keeping your finances secure.


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